Stock Market & Financial Investment News

Kinder Morgan Energy to sell one-third interest in Express-Platte systemKinder Morgan Energy Partners announced that it has entered into a definitive agreement to sell its one-third interest in the Express-Platte pipeline system to Spectra Energy Corp for approximately $380M pre tax. KMP's joint venture partners in Canada are also selling their interests in the pipeline system, as Spectra Energy Corp is purchasing 100% of Express-Platte. The transaction is subject to customary consents and regulatory approvals and is expected to close in the Q2 of FY13. Express-Platte is a 1,700-mile oil pipeline system connecting Canadian and U.S. producers to refineries in the Rocky Mountain and Midwest regions of the United States.